David M. Polen - Polen Capital Management 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 12, 2025, the Polen Capital Management portfolio showed several notable changes in holdings as of quarter-end Mar 31, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q1 2025, the filing reported:

New Buys - SPDR Bloomberg 1-3 Month T-Bill, Comfort Systems USA, Inc., iShares Russell 2000 Growth ETF, Manhattan Associates, Inc., Saia, Inc., and 2 more

Increases - AAON, Inc., iShares MSCI ACWI ETF, Applied Industrial Technologies, AMN Healthcare Services Inc, Aon Plc, and 28 more

Reductions - Apple Inc., Airbnb, Inc., Abbott Laboratories, Accenture plc, iShares MSCI ACWI ex U.S. ETF, and 70 more

Complete Exits - Align Technology, Inc., Alarm.com Holdings, Inc., Booz Allen Hamilton Holding Cor, Charles River Laboratories Inte, Etsy, Inc., and 9 more

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Date	Symbol	Name	Type	Change Qty	% Change	Value	Remaining
Q1 2025	AAON AAON, Inc.	AAON, Inc.	Buy	+17,909	+56.8%	$3.86M	49,466
Q1 2025	AAPL Apple Inc.	Apple Inc.	Sell	-3,488,399	-56.5%	$595.56M	2,681,114
Q1 2025	ABNB Airbnb, Inc.	Airbnb, Inc.	Sell	-490,310	-6.0%	$923.02M	7,726,604
Q1 2025	ABT Abbott Laboratories	Abbott Laboratories	Sell	-1,302,786	-10.3%	$1.51B	11,385,577
Q1 2025	ACN Accenture plc	Accenture plc	Sell	-318,132	-9.0%	$1.00B	3,208,478
Q1 2025	ACWI iShares MSCI ACWI ETF	iShares MSCI ACWI ETF	Buy	+66,994	+21.1%	$44.79M	384,795
Q1 2025	ACWX iShares MSCI ACWI ex U.S. ETF	iShares MSCI ACWI ex U.S. ETF	Sell	-321,503	-84.5%	$3.26M	58,768
Q1 2025	ADBE Adobe Inc.	Adobe Inc.	Sell	-196,949	-6.5%	$1.08B	2,818,625
Q1 2025	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-13,223	-7.4%	$50.88M	166,526
Q1 2025	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-2,719	-52.6%	$642.79K	2,455
Q1 2025	AIT Applied Industrial Technologies	Applied Industrial Technologies	Buy	+2,604	+14.0%	$4.77M	21,160
Q1 2025	ALGN Align Technology, Inc.	Align Technology, Inc.	Sell - Position Exit	-4,504	-100.0%	$0.00	-
Q1 2025	ALRM Alarm.com Holdings, Inc.	Alarm.com Holdings, Inc.	Sell - Position Exit	-21,461	-100.0%	$0.00	-
Q1 2025	AMN AMN Healthcare Services Inc	AMN Healthcare Services Inc	Buy	+422	+1.1%	$943.28K	38,564
Q1 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,799,217	-9.2%	$3.38B	17,747,395
Q1 2025	AON Aon Plc	Aon Plc	Buy	+2,288,397	+318.1%	$1.20B	3,007,719
Q1 2025	ASML ASML	ASML	Sell	-9,464	-15.2%	$34.91M	52,677
Q1 2025	BAH Booz Allen Hamilton Holding Cor	Booz Allen Hamilton Holding Cor	Sell - Position Exit	-8,900	-100.0%	$0.00	-
Q1 2025	BDC Belden Inc	Belden Inc	Buy	+6,483	+26.8%	$3.07M	30,665
Q1 2025	BIL SPDR Bloomberg 1-3 Month T-Bill	SPDR Bloomberg 1-3 Month T-Bill	Buy - Position Entry	+5,242	-	$480.85K	5,242
Q1 2025	BL BlackLine, Inc.	BlackLine, Inc.	Sell	-7,692	-12.3%	$2.67M	55,099
Q1 2025	BLD TopBuild Corp.	TopBuild Corp.	Sell	-289	-5.5%	$1.50M	4,931
Q1 2025	BROS Dutch Bros Inc.	Dutch Bros Inc.	Sell	-36,899	-35.1%	$4.21M	68,124
Q1 2025	BSY Bentley Systems, Incorporated	Bentley Systems, Incorporated	Sell	-1,943	-9.1%	$765.71K	19,464
Q1 2025	BWMN Bowman Consulting Group Ltd.	Bowman Consulting Group Ltd.	Sell	-3,551	-9.1%	$773.15K	35,417
Q1 2025	CATH Global X S&P 500 Catholic Value	Global X S&P 500 Catholic Value	Buy	+5,692	+12.0%	$3.60M	53,317
Q1 2025	CCCS CCC Intelligent Solutions Holdi	CCC Intelligent Solutions Holdi	Sell	-217,651	-28.6%	$4.92M	544,653
Q1 2025	CIGI Colliers International Group In	Colliers International Group In	Sell	-293	-3.6%	$962.27K	7,933
Q1 2025	CNM Core & Main, Inc.	Core & Main, Inc.	Sell	-10,784	-7.9%	$6.04M	124,953
Q1 2025	CRL Charles River Laboratories Inte	Charles River Laboratories Inte	Sell - Position Exit	-4,248	-100.0%	$0.00	-

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